What Every Non-Homestead Owner Needs to Know
Owning property in Florida can be a fantastic investment, whether it’s an income-generating rental, a relaxing vacation home, or a property you’ve inherited. But if it’s not your primary residence (your homestead), there’s an important detail you may need to address to protect your heirs from a time-consuming and expensive legal process: probate.
Why Property Titles Matter in Estate Planning
When it comes to estate planning, how your property is titled plays a significant role in determining what happens to it when you pass away. Many property owners don’t realize that if a property isn’t titled correctly, it could be tied up in probate court – even if there’s a clear will or rightful heir.
Here are a few critical points to understand:
- Joint Tenants with Rights of Survivorship (JTRS) Can Help Avoid Probate
If your property is not titled as “Joint Tenants with Rights of Survivorship” (JTRS), and one of the owners passes away, the deceased owner’s share must go through probate. This is the case even if the surviving co-owner is the rightful heir. - What Is Probate?
Probate is the legal process where the court verifies a will (if one exists) and oversees the distribution of assets. While it’s a common process, it can be time-consuming, expensive, and emotionally draining for your loved ones. - The Benefits of Correct Titling
By ensuring your property is titled as JTRS, the deceased owner’s share automatically transfers to the surviving owner(s) without the need for probate. This can save months of legal proceedings, thousands of dollars in legal fees, and a lot of unnecessary stress.
Why Avoiding Probate Matters
Probate doesn’t just delay the resolution of your estate – it can also have practical and financial implications:
- Access Delays: If the property is tied up in probate, it may not be available for use, sale, or generating rental income during that time.
- Emotional Stress: For heirs grieving a loved one, probate adds an extra layer of complication.
- Higher Costs: Legal and court fees can significantly cut into the value of the estate.
Who Should Take Action?
If you own property in Florida that isn’t your homestead, such as an investment property, second home, or inherited condo, it’s worth taking a few minutes to check how the title is held. If avoiding probate is your goal, make sure your property is set up correctly.
Take Action Today
Estate planning isn’t just for the wealthy – it’s for anyone who wants to protect their loved ones from unnecessary legal hurdles. Taking a little time now to review your property title could save your heirs a lot of time and trouble later.
If you’re unsure about your property’s title or need guidance on avoiding probate, consulting an experienced real estate attorney or estate planner is always a good idea.